News & Views

Our partnerships: OD Accountants

Venture Tax work with accountants to help their clients with their tax claims; one of those is OD Accountants in London.

OD Accountants offer cloud-based accountancy services to SMEs. They provide SaaS tools for businesses to record and report on their business activities.

This means that OD are able to offer real time information to their clients. This empowers their clients with the ability to be extremely reactive and to be able to take focussed decisions quickly.

OD pride themselves on their approach since it gives their clients the competitive edge they need.

OD work with any type of SME right across London and are expanding beyond the capital.

 

OD and Venture Tax

OD offer a full service to their clients, but they are not R&D tax specialists. Niall O’Driscoll, the founder of OD, knew that their competitors were offering this service, so found himself in the market for a white-label solution to complete their client offer. This is where the expertise of Venture Tax comes in.

Niall met Venture Tax and was quickly convinced that they would make great strategic partners due to their in-depth knowledge the R&D tax system.

The clincher was the fact that Venture Tax are also chartered accountants themselves. This means that Niall could trust the advice he was receiving, and could be comfortable that Venture Tax are in it for the right reasons themselves – to support businesses looking to create opportunities through research and development.

This is a commercial relationship, too. For every successful introduction, a commission is paid back to OD. Rather than banking these payments, Niall uses the commission to support local and national charities. Not only does this support his business ethos and values, it also means that they don’t look at the relationship with Venture Tax as a profit-making exercise – it is their purely to support their clients.

The relationship between the two businesses has now matured. Niall says:

“I love the customised service that I get from the team at Venture Tax. They are extremely reactive to enquiries, and I feel like they are an extension of our own ethos. They offer the type of quality service that we ourselves give.

“Venture Tax provide a holistic, end to end service. Their relationship with the client is for the entire journey. It’s great for us to support our clients with this expertise.”

 

3 Words

When asked to describe Venture Tax in three words, here’s what Niall came up with:

Professional

Approachable

Transparent

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Our partnerships: Elite Accountancy

Venture Tax work with accountants to help their clients with their tax claims. One of these is Elite Accountancy, based in Ilkley.

Elite Accountancy Services is an accountancy business offering a full range of financial services to their clients. Based in the picturesque town of Ilkley in West Yorkshire, Elite have numerous clients across the region.

Accountancy is a very competitive sector, and it is harder than ever to stand out from the crowd. What marks Elite out from their competitors is their holistic approach, and their uncompromising focus on client service.

 

Elite and Venture Tax

Beyond day to day accountancy, Elite’s range of services includes business planning, sales and acquisitions and tax planning. They also have strategic, long-term relationships in place with other experts. Since 2021, they have supplemented their own services by offering their clients access to the wealth of R&D tax experience from Venture Tax.

Tax claims for research and development (R&D) purposes is an increasingly complicated process. When R&D tax schemes launched, they were limited in scope and consequently fairly straightforward. Now though, the scope of what can be claimed has broadened, as has the amount of due diligence and evidence required.

This is partly why an R&D tax specialist is needed; however, their knowledge can also help to maximise the amount claimed by the client ensuring that that every nuanced opportunity has been explored.

The choice of a partner also comes down to how they work. Elite pride themselves on being super responsive to their clients’ demands, and it was key to the partnership that Venture Tax were just as keen.

Joel describes how:

“Venture Tax add value to our client relationship, enabling us to offer a more complete service. Their culture meshes seamlessly with our own; they are client-first, friendly and professional.

“We involve Vicky and her team as soon as we have identified that there could be an area for a claim. They know what to look for using their vast experience. There are some things that you just need to get a specialist for! From there, they manage the entire process on our, and our clients’ behalf.

“I love the fact Vicky used to be an accountant – understanding financial accounts and company tax is a massive advantage…it saves a lot of time and helps maximise the claims.”

Elite have worked with Venture Tax pretty much since they set up the business. Now that Elite are expanding and adding reinforcements to their own strong team, it is more important than ever for them to work with other like-minded experts.

3 Words

When asked to describe Venture Tax in three words, here’s what Joel offered:

Friendly

Reliable

Efficient

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The Government’s R&D Tax Reliefs Consultation: Our Predictions

In the 2021 Budget, Chancellor Rishi Sunak announced a broad consultation on private-sector R&D investment in the UK.  

The R&D Tax Reliefs Consultation sought the views of current R&D tax relief stakeholders to assess how this investment is supported or otherwise affected by the R&D tax relief incentives, and where changes may be appropriate.  Here are our predictions on what the outcomes of the consultation may be.

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R&D Tax Relief for Software Developers: are you sitting on a goldmine?

As a software developer, innovation is at the core of everything you do. Coming up with new ideas and making improvements to existing programs, apps and systems, is all in a day’s work. The government has ambitious targets to increase innovation in businesses, and there are tax incentives to reward and encourage it.

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